ATOSS Software SE : Operational excellence meets a full valuation
ATOSS Software is a leading workforce management (WFM) software provider. The company has a strong track-record since the IPO in 2000 with an excellent operational performance, coupled with a CAGR of 9.8% for revenue and 22.1% for EBIT since that date. However, macro-headwinds and risks surrounding the international expansion strategy could put further pressure on the shares, given the stock currently trading at a premium of 22.2% to its peer group of leading Human Capital Management (HCM) software companies. Our DCF valuation also provides limited upside on the current valuation. We therefore initiate coverage on a Neutral rating and with a target price of € 118.0.Atoss Software is the parent company of the ATOSS Group. Through ATOSS Group, Co. is engaged in the creation, sale and implementation of software solutions directed towards the deployment of personnel and workforce management. As a provider of solutions for issues of time and attendance management and workforce scheduling, Co.'s software solutions are comprised of software licenses, maintenance services, consulting services and the supply of hardware for time recording and access control purposes, which are provided to customers as packages. Co.'s individual software solutions are comprised of ATOSS Staff Efficiency Suite, ATOSS Startup Edition, and ATOSS Time Control.
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